This crypto price analysis will focus on ETH, the second-largest cryptocurrency by market cap. As the global crypto market continues to undergo corrections, investors are faced with the question of the right time to invest.
Ethereum is gradually losing its upward trend, but data shows that investors are ready to buy in a significant price dip. On November 2, Bitcoin (BTC) experienced a short bullish trend when its price surged above $35,000.
However, the trend didn’t last for long as the price dropped quickly, falling below the $35,000 mark. This suggested that the breakout may have been fake. Ethereum also followed the trend, rising above the $1,865 zone, but the bulls were not able to keep the rise for long.
Ethereum (ETH) price analysis
Over the last 24 hours, the price of Ethereum (ETH) has grown by 1.53% signifying a correction from its last slump. On the ETH hourly chart, we can see that the price has risen above the critical local resistance of $1,806. If the candle closes above it today, then traders can expect continuous growth in price to the $1,820-$1,830 zone tomorrow.
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Source: TradingView
Looking at the daily chart, given that it is in the middle of the channel, the price of ETH is trading sideways. Since the volume is decreasing, none of the sides are prepared for a sudden change in direction. It is more likely that in the following days, the price of Ethereum (ETH) will consolidate around the $1,800 zone.
Source: TradingView
On the Ethereum weekly chart, the price of ETH broke out of the $1,865 resistance as earlier mentioned, if the bar closes above it, traders can expect a rally to the critical psychological level of $2,000. However, if the bulls fail to pull this off, we can expect a correction and a price to sink to the strong support at $1,746.
Ethereum (ETH) price today
Source: Coinstats
According to live data from Coinstats, ETH is currently changing hands at $1,828 signifying a 1.53% increase in the last 24 hours. Furthermore, Ethereum has a 24-hour trading volume of $9,439,646,154.054 ($9.4 billion) and a live market cap of $219,884,729,063 ($219.8 billion).
Read more:
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.